Following intense criticism, the Luxembourg-based cryptocurrency exchange Bitstamp said today that it is abandoning the plan to make inactive members pay a fee.
They claim to have listened to their consumers, and Bitstamp CEO JB Graftieaux stated today in a message that they had already accepted everyone’s complaints into consideration and have chosen to eliminate the Inactivity Fee.
The idea was to penalize non-US users with holdings of less than 200 euros a monthly charge of 10 euros if they wouldn’t have bet any securities or done any transactions, payments, or transfers in the previous 12 months. The charge would have actually taken place on August 1.
How did the users take it?
The reactions were of course very negative. Many took to Twitter to express their frustrations. They stated that they were disappointed, accusing Bitstamp of forcing its lowest money holders to trade with them in order not to be penalized. Some even promised to never use Bitstamp ever again.
Your capital is at risk.
So with these reactions, of course, Bitstamp tried to make things better by going back on their decision. However, Bitstamp’s decision does not alter the fundamental market dynamics that prompted it to explore the charge in the first place.
The charge was disclosed by the business the week before, amid a sharp drop in trading activity at key exchanges and one of the biggest selloffs throughout the records of the cryptocurrency industry. Thus, according to CoinGecko statistics, Bitstamp’s everyday trade volume has dropped by 47% in the previous two months.
First, at the time of the release, the firm emphasized in a blog article that, while no one likes fees, they made a critical choice to adopt the inactivity fee so they can maintain delivering quality services to all of their clients.
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